The crypto market continues to trade sideways as Bitcoin and Ethereum manage to hold their critical support. On the metaverse side, we’ve seen some interesting performances due to the massive price hikes of some projects. In this article, we examine the Bored Floki Yacht Club collection and its token, BFYC, which has risen over 1000% in the last 24 hours. Let’s take a look at this project and discover why the price has risen so much…
What is Bored Floki Yacht Club (BFYC)?
Bored Floki Yacht Club is a metaverse cryptocurrency that offers its investors exclusive club membership, NFTs, play-to-win games and artwork. BFYC joined the market on February 1, 2022. BFYC, an Ethereum-based cryptocurrency, is preparing to host an upcoming 7,777 NFT collection. Each Floki is one-of-a-kind and its investors will have access to The Sandbox metaverse’s ultra-exclusive Bored Floki Yacht Club.
Only Floki NFT investors have access to the project’s play-to-win game, which allows users to earn BFYC tokens. While NFTs are not currently available, investors can join the official Bored Floki Yach Club Telegram group to apply for the whitelist. NFTs will be mined and launched in phase 2 of the project, which will take place between February and March 2022, according to their roadmap. So, why is the price of BFYC increasing?..
Why is the Metaverse coin price rising?
The sudden 1000% price spike is attributed to over $2.4 million in trading activity from IndoEx, a relatively obscure exchange, according to CoinMarketCap.
Due to the high traffic on the exchange, the price of BFYC reached $100 at one point, which is problematic considering the actual cost of the NFT token on PancakeSwap, a legitimate DEX platform, was $0.000007978. It is unknown why IndoEx produced so much volume; It could even be due to an incorrect click by an investor, but it’s highly unlikely. Meanwhile, questionable volume from IndoEx and low trading volume from PancakeSwap could be a red flag, according to the community.